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Home Homeownership, and Other Metrics, Back to 1980s Levels

The USA Today reported that U.S. home ownership levels had retreated to mid-1980s. So, too, will the rest of the U.S. economy. That's the nature of the current depression, a two-decade regression in the American standard of living. The original 1930s took us back to 1900-1910.

That's the natural result of the restoration of the savings rate. Current U.S. income levels are only high enough to support U. S. consumption levels of the mid 1980s. The difference HAD been made up by borrowing. No more. As a group, Americans are no longer borrowing; they're finally starting to save. That's a good thing in the long run, but obviously bad in the short run.

It's about time the country faced up to the truth about what it can afford. A similar reckoning took place in the 1930s, about 80 years ago. It seems to be something that has to happen once in the average lifetime.